12170 Jefferson AveNewport News, VA 23602

Property Details for 12170 Jefferson Ave

Year built

1997

Construction

FRAME

Lot size

2.14 AC

Property size (Sq ft)

25,046 SF

Zone code

C1

Property type

Commercial real estate

APN

151000504

APU

151000504

Description

This exceptional investment opportunity presents a freestanding, 24,860-square-foot Barnes & Noble bookstore situated on approximately 2.14 acres of land in Newport News, Virginia. The property boasts a prime location on Jefferson Avenue, a high-traffic thoroughfare with 53,435 vehicles passing daily, offering 281 feet of prominent frontage. The building, constructed in 1997 and renovated in 2024, features a new roof and ample parking with 176 spaces, providing a 7.55:1000 parking ratio. Currently operating under a 10-year triple-net (NNN) lease with a corporate guarantee from Barnes & Noble, expiring January 31, 2035, this stabilized investment offers a compelling 7.00% cap rate and a projected Year 1 NOI of $389,746. The property is zoned C1-Commercial, reflecting its suitability for retail use. This single-tenant, fee-simple ownership opportunity provides a secure, long-term investment with significant upside potential. The property's strong tenant, prime location, and substantial remaining lease term make it an attractive addition to any portfolio. The asking price is $5,600,000, translating to a price per square foot of $225.26. The property's features include a Class A designation and a single-story building.

Location Insight

City

Newport News

County

Newport News City

State

Virginia

Latitude

37.1095

Longitude

-76.4962

CBSA code

47260

CBSA name

VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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